Sharp Daily
No Result
View All Result
Saturday, June 7, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Finance ministry warns Ghana’s economy at risk over LGBTQ law

Brian Murimi by Brian Murimi
March 4, 2024
in News
Reading Time: 2 mins read

Ghana’s Ministry of Finance has issued a stark warning against the President assenting to the recently passed “Proper Human Sexual Rights and Ghanaian Family Values Bill,” cautioning that enacting the controversial anti-LGBTQ legislation could derail the country’s economic recovery and jeopardize billions in foreign aid and investment.

In an internal report summarizing an emergency meeting on the Bill’s potential impact, the Ministry bluntly states, “The potential loss of these financial resources creates a financing gap in the 2024 budget that must be addressed either through a significant reduction in the expenditures or additional domestic revenue mobilisation. Failing this, Government’s ability to achieve the targets in the 2024 Budget will be undermined and the IMF-ECF Programme will be derailed.”

The report, seen by Sharp Daily, warns that Ghana could lose a staggering $3.8 billion in World Bank financing over the next five to six years if the Bill is signed into law. “In total, Ghana is likely to lose US$3.8 billion in World Bank Financing over the next five to six years.

For 2024 Ghana will lose US$600 million Budget support and US$250 million for the Financial Stability Fund,” the document states.

RELATEDPOSTS

Ghana’s debt relief plan sees 37% haircut, extended maturities

June 21, 2024

President Ruto awarded Ghana’s highest honor for upholding rule of law

April 4, 2024

This projected shortfall could have severe ramifications for Ghana’s economic stability and reform efforts. “This will negatively impact on Ghana’s foreign exchange reserves and exchange rate stability as these inflows are expected to shore the country’s reserve position,” the report cautions.

The Ministry also raises concerns about jeopardizing the country’s $3 billion loan program with the International Monetary Fund, which is contingent upon “predictable financing from Development Partners” like the World Bank. “Hence the non-disbursement of the Budget Support from the World Bank will derail the IMF programme. This will in turn trigger a market reaction which will affect the stability of the exchange rate,” the report warns.

While acknowledging potential backlash from conservative allies, the report urges the President to “defer assenting to the Bill until the court rules on the legal issues tabled by key national stakeholders.”

It also recommends “a structured engagement with local conservative forces such as religious bodies and faith-based organizations to communicate the economic implications.”

Previous Post

Founder of Mayfair Holdings Amin Gilani passes away

Next Post

Govt launches nationwide campaign to reclaim public Land

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024